                                 CODE OF VIRGINIA

POWERS OF THE ASSOCIATION (§ 55.1-2133)

A. Except as provided in subsection B, and subject to the provisions of the
declaration, the association, even if unincorporated, may:

   1. Adopt and amend bylaws and rules and regulations;

   2. Adopt and amend budgets for revenues, expenditures, and reserves and
   collect assessments for common expenses from proprietary lessees;

   3. Hire and discharge managing agents and other employees, agents, and
   independent contractors;

   4. Institute, defend, or intervene in litigation or administrative proceedings
   in its own name on behalf of itself or two or more proprietary lessees on
   matters affecting the cooperative;

   5. Make contracts and incur liabilities;

   6. Regulate the use, maintenance, repair, replacement, and modification of
   common elements;

   7. Cause additional improvements to be made as a part of the common elements;

   8. Acquire, hold, encumber, and convey in its own name any right, title, or
   interest to real or personal property, but part of the cooperative may be
   conveyed, or all or part of the cooperative may be subjected to, a security
   interest only pursuant to &#xA7; 55.1-2144;

   9. Grant easements, leases, licenses, and concessions through or over the
   common elements;

   10. Impose and receive any payments, fees, or charges for the use, rental, or
   operation of the common elements, other than limited common elements described
   in subdivisions 2 and 4 of &#xA7; 55.1-2113, and for services provided to
   proprietary lessees;

   11. Impose charges for late payment of assessments and, after notice and an
   opportunity to be heard, levy fines not to exceed $50 for each instance for
   violations of the declaration, bylaws, and rules and regulations of the
   association;

   12. Impose reasonable charges for the preparation and recordation of
   amendments to the declaration, resale certificates required by &#xA7;
   55.1-2309, or statements of unpaid assessments;

   13. Provide for the indemnification of its officers and executive board and
   maintain directors&#8217; and officers&#8217; liability insurance;

   14. Assign its right to future income, including the right to receive common
   expense assessments, but only to the extent the declaration expressly so
   provides;

   15. Exercise any other powers conferred by the declaration or bylaws;

   16. Exercise all other powers that may be exercised in the Commonwealth by
   legal entities of the same type as the association; and

   17. Exercise any other powers necessary and proper for the governance and
   operation of the association.

B. The declaration shall not impose limitations on the power of the association
to deal with the declarant that are more restrictive than the limitations
imposed on the power of the association to deal with other persons.

HISTORY: 1982, c. 277, § 55-459; 2019, c. 712; 2023, cc. 387, 388.